Ashurst advises on EUR 1.6 billion takeover of Permanent TSB by BAWAG

Global law firm Ashurst is advising Citigroup Global Markets Limited (Citi), as lead financial adviser to BAWAG and BAWAG P.S.K., on the recommended cash offer for Permanent TSB Group Holdings plc (PTSB) by BAWAG PSK. Pursuant to the terms of the offer, BAWAG will acquire the entire issued and to be issued share capital of PTSB for a consideration of €2.97 per share (equivalent to a total consideration of approximately € 1.619 billion).

PTSB is an Irish retail and SME pillar bank, with a banking heritage stretching back over 200 years to 1816. Focusing on personal and business banking and serving c.1.3 million customers across Ireland, the bank offers current accounts, deposits, mortgages and loans through a multi-channel model, combining digital banking with a nationwide branch network.

BAWAG Group is one of Austria's largest international banking groups and operates under many well-recognised brands, including: "BAWAG" and "easybank" in Austria, "easybank" and "Südwestbank" in Germany, "Knab" in the Netherlands, "MoCo" in Ireland, and "Idaho First Bank" in the United States. BAWAG PSK's Irish branch, operating as MoCo is a Dublin-based branch originating mortgage loans and, most recently, offering a deposit product in Ireland.

The Ashurst team is being led by corporate partner Tom Mercer, with support from senior associate Colin Bugler and associate Emilia Howard. Mason Hayes & Curran advised on Irish matters.